Swedish battery maker Northvolt has acquired U.S startup Cuberg, according to Reuters. Northvolt aims to gain access to technology that would boost the range of electric vehicles that can use its batteries.
Cuberg deal would help Northvolt to improve performance and safety while cutting costs for next-generation battery cells.
Northvolt aims to take on major Asian players such as CATL and LG Chem and targets a 25% market share in Europe by 2030.
The Swedish battery marker will establish a technology center in Silicon Valley, based on Cuberg acquisition and is hiring top battery industry talent.
Cuberg, founded in 2015, has created battery cells that deliver increased range and capacity by 60% compared to lithium-ion cells, with Boeing among its customers.
Northvolt has generated more than $3.6 billion in debt and equity in total since it was founded in 2016 and last raised $600 million from the likes of Volkswagen, Baillie Gifford, and Goldman Sachs.
